Extra Space Storage (NYSE:EXR) Upgraded by BNP Paribas to "Hold" Rating

Extra Space Storage (NYSE:EXR - Get Free Report) was upgraded by equities research analysts at BNP Paribas to a "hold" rating in a report released on Tuesday, MarketBeat Ratings reports.

Several other equities research analysts have also weighed in on EXR. JPMorgan Chase & Co. raised their price objective on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. BNP Paribas Exane initiated coverage on Extra Space Storage in a report on Tuesday. They set a "neutral" rating and a $156.00 target price for the company. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Benchmark cut their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Finally, Evercore ISI raised their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $159.29.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock traded up $0.61 during trading on Tuesday, hitting $146.05. The stock had a trading volume of 1,328,433 shares, compared to its average volume of 1,057,318. The business has a fifty day moving average of $147.30 and a two-hundred day moving average of $148.76. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The firm has a market cap of $30.99 billion, a P/E ratio of 33.89, a PEG ratio of 3.61 and a beta of 1.11. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. Extra Space Storage's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.96 EPS. On average, sell-side analysts expect that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the transaction, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This trade represents a 44.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.96% of the company's stock.

Hedge Funds Weigh In On Extra Space Storage

Several hedge funds have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund lifted its position in shares of Extra Space Storage by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust's stock worth $2,717,000 after buying an additional 66 shares during the last quarter. Lindbrook Capital LLC raised its stake in shares of Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust's stock valued at $78,000 after acquiring an additional 68 shares in the last quarter. Aptus Capital Advisors LLC lifted its holdings in Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH boosted its position in Extra Space Storage by 3.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock worth $342,000 after purchasing an additional 68 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in Extra Space Storage by 5.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust's stock valued at $199,000 after purchasing an additional 73 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.